Technical Analysis of GBP/USD for July 23, 2020

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Technical Market Outlook:

The GBP/USD pair has tested the technical support located between the levels of 1.2668 – 1.2686 and bounced back up. This price behavior shows the bulls are in control of the market, so traders should expect the price might move higher towards the next targets located at the levels of 1.2768 – 1.2786. The ultimate target is still seen at the level of 1.2811 and if this level is violated, then the Pound will be at the 7 week high.

Weekly Pivot Points:

WR3 – 1.2834

WR2 – 1.2735

WR1 – 1.2648

Weekly Pivot – 1.2555

WS1 – 1.2463

WS2 – 1.2373

WS3 – 1.2271

Trading Recommendations:

On the GBP/USD pair the main trend is down, which can be confirmed by the down candles on the weekly time frame chart. The key long-term technical support has been recently violated (1.1983) and the new one is seen at the level of 1.1404. The key long-term technical resistance is seen at the level of 1.3518. Only if one of these levels is clearly violated, the main trend might reverse (1.3518) or accelerate (1.1404). The market might have done a Double Top pattern at the level of 1.2645, so the price might move even lower in the longer-term.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical Analysis of GBP/USD for July 23, 2020:

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